The conversation about blockchain keeps getting louder. People are curious and businesses are seeking opportunities to improve their operation and enhance their technology stack. Truth be told, it has the potential to impact many industries but many people are still asking, what exactly is blockchain and how will companies benefit from it?
Blockchain technology is software that relies on multiple computers to create a tamper-proof ledger of transactions. But it’s also attracting enormous interest from major industries like shipping and finance, which see its record-keeping system as a means of creating more secure and efficient supply chains.
In fact, companies in Greater Phoenix have found success and security while innovating in this emerging technology sector and educational institutions are producing the workforce to support its expansive growth. Here are the top three reasons why Greater Phoenix is the perfect location for blockchain companies to scale.
1. World-class Talent
Greater Phoenix’s educational institutions are taking a proactive approach to blockchain and training the workforce of tomorrow. To elevate blockchain research, Arizona State University partnered with Dash to offer graduate course and scholarships. Additionally, Mesa Community College now offers a Blockchain Technology Certificate Program. These educational opportunities are preparing the talent needed to develop practical blockchain applications, making it very attractive to companies who are looking to build out their teams.
2. Business Friendly Regulatory Environment
Companies like Alt Thirty Six, Camp BX, Arena and Nexus have set up shop in Greater Phoenix and Arizona’s first-mover approach to policy is just one of the reasons why.
With the passage of H.B. 2417, Arizona became the only the state in the U.S. where smart contracts are enforceable by law. Additionally, on March 22, 2018, Arizona became the first state in the U.S. to create a Regulatory Sandbox Program (RSP) where financial services companies can test innovative products and technology in market for up to 24 months without obtaining a license or other authorizations that might otherwise be required. This legislation encourages the development of emerging industries like fintech, blockchain and cryptocurrencies throughout the state.
Arizona is taking a progressive approach to supporting the success of blockchain in Greater Phoenix making the environment highly favorable to emerging technology companies looking for a place to thrive.
Arizona has an active ecosystem of business leaders who are making Greater Phoenix a central location for cryptocurrency. The region is home to Dash, one of the largest cryptocurrencies in the world by market capitalization and Sweetbridge, which is a disrupter in the asset-backed token space.
Greater Phoenix is a prime innovation hub for blockchain-based technologies. The region boasts a unique combination of world-class talent, a forward-thinking regulatory environment and an ecosystem that allows blockchain-based companies to grow and scale locally and nationally.